SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2023

The following table represents operating activity within our reportable segments (in thousands):


	Year Ended December 31,
	2023		2022		2021
Total Office
Property revenue	$	207,856	$	203,391	$	186,366
Property expense	(61,339)		(57,478)		(50,233)
Segment profit	146,517		145,913		136,133
Total Retail
Property revenue	104,767		100,912		94,662
Property expense	(31,440)		(30,306)		(27,983)
Segment profit	73,327		70,606		66,679
Total Multifamily
Property revenue	61,830		58,139		52,315
Property expense	(28,025)		(26,256)		(23,211)
Segment profit	33,805		31,883		29,104
Total Mixed-Use
Property revenue	66,711		60,206		42,485
Property expense	(43,153)		(38,393)		(28,347)
Segment profit	23,558		21,813		14,138
Total segments’ profit	$	277,207	$	270,215	$	246,054

Schedule of Reconciliation of Segment Profit to Net Income Attributable to Stockholders

The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):


	Year Ended December 31,
	2023		2022		2021
Total segments' profit	$	277,207	$	270,215	$	246,054
General and administrative	(35,960)		(32,143)		(29,879)
Depreciation and amortization	(119,500)		(123,338)		(116,306)
Interest expense, net	(64,706)		(58,232)		(58,587)
Loss on early extinguishment of debt	—		—		(4,271)

Other income (expense), net	7,649		(625)		(418)





Net income	64,690		55,877		36,593
Net income attributable to restricted shares	(761)		(648)		(564)
Net income attributable to unitholders in the Operating Partnership	(13,551)		(11,723)		(7,653)
Net income attributable to American Assets Trust, Inc. stockholders	$	50,378	$	43,506	$	28,376

Schedule of Net Real Estate and Secured Note Payable Balances by Segments

The following table shows net real estate and secured note payable balances for each of the segments, along with their capital expenditures for each year (in thousands):


	December 31, 2023		December 31, 2022
Net real estate
Office	$	1,614,323	$	1,615,479
Retail	563,532		579,219
Multifamily	361,233		370,993
Mixed-Use	166,227		168,865
	$	2,705,315	$	2,734,556
Secured Notes Payable (1)
Office	$	75,000	$	75,000
Retail	—		—


	$	75,000	$	75,000
Capital Expenditures (2)
Office	$	71,336	$	102,443
Retail	8,856		12,177
Multifamily	5,902		4,889
Mixed-Use	3,793		1,646
	$	89,887	$	121,155

(1)Excludes unamortized debt issuance costs of $0.3 million and $0.4 million as of December 31, 2023 and 2022, respectively.

(2)Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid.